10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                          to                     

Commission file number 814-01132

 

 

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Maryland   47-3162282

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA   90025
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

Not applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol

  

Name of each exchange on which registered

Common Stock, $0.001 par value per share    CCAP    The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.001 per share

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files).    Yes  ☐    No  ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

☐        

Non-Accelerated filer

 

  

Smaller reporting company        

 

☐        

Emerging growth company        

 

    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes  ☐    No  ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at May 12, 2020 was 28,167,360.

 

 

 


Table of Contents

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2020

Table of Contents

 

   

INDEX

   PAGE
NO.
 
PART I.   FINANCIAL INFORMATION      2  
  Item 1.   Financial Statements      2  
  Consolidated Statements of Assets and Liabilities as of March 31, 2020 (Unaudited) and December 31, 2019      2  
  Consolidated Statements of Operations for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)      3  
  Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)      4  
  Consolidated Statements of Cash Flows for the three months ended March 31, 2020 (Unaudited) and 2019 (Unaudited)      6  
  Consolidated Schedule of Investments as of March 31, 2020 (Unaudited)      7  
  Consolidated Schedule of Investments as of December 31, 2019      19  
  Notes to Consolidated Financial Statements (Unaudited)      29  
  Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations      56  
  Item 3.   Quantitative and Qualitative Disclosures About Market Risk      76  
  Item 4.   Controls and Procedures      77  
PART II.   OTHER INFORMATION      77  
  Item 1.   Legal Proceedings      77  
  Item 1A   Risk Factors      78  
  Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds      79  
  Item 3.   Defaults Upon Senior Securities      79  
  Item 4.   Other Information      79  
  Item 5.   Exhibits      80  


Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. We believe that it is important to communicate our future expectations to our investors. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “will,” “should,” “targets,” “projects,” and variations of these words and similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The following factors and factors listed under “Risk Factors” in this report and other documents Crescent Capital BDC, Inc. has filed with the Securities and Exchange Commission, or SEC, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operation and financial position. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

 

   

uncertainty surrounding the financial stability of the United States, Europe and China;

 

   

the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

 

   

potential fluctuation in quarterly operating results;

 

   

potential impact of economic recessions or downturns;

 

   

adverse developments in the credit markets;

 

   

regulations governing our operation as a business development company;

 

   

operation in a highly competitive market for investment opportunities;

 

   

changes in interest rates may affect our cost of capital and net investment income;

 

   

financing investments with borrowed money;

 

   

potential adverse effects of price declines and illiquidity in the corporate debt markets;

 

   

the impact of COVID-19 on our portfolio companies and the markets in which they operate, interest rates and the economy in general;

 

   

lack of liquidity in investments;

 

   

the outcome and impact of any litigation;

 

   

the timing, form and amount of any dividend distributions;

 

   

risks regarding distributions;

 

   

potential adverse effects of new or modified laws and regulations;

 

   

the social, geopolitical, financial, trade and legal implications of Brexit;

 

   

potential resignation of the Advisor and or the Administrator;

 

   

uncertainty as to the value of certain portfolio investments;

 

   

defaults by portfolio companies;

 

   

our ability to successfully complete and integrate any acquisitions;

 

   

risks associated with original issue discount (“OID”) and payment-in-kind (“PIK”) interest income; and

 

   

the market price of our common stock may fluctuate significantly.

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

 

1


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands except share and per share data)

 

     As of
    March 31, 2020    
(Unaudited)
    As of
    December 31,    

2019
 

Assets

    

Investments, at fair value

    

Non-controlled non-affiliated (cost of $898,233 and $675,329, respectively)

     $ 830,024       $ 671,582  

Non-controlled affiliated (cost of $33,363 and $19,766, respectively)

     30,593       20,507  

Controlled (cost of $39,000 and $34,000, respectively)

     22,599       34,442  

Cash and cash equivalents

     3,708       4,576  

Restricted cash and cash equivalents

     7,820       8,851  

Receivable for investments sold

     6,933       160  

Interest receivable

     3,748       2,832  

Unrealized appreciation on foreign currency forward contracts

     2,882       758  

Deferred tax asset

     803       421  

Other assets

     752       3,046  
  

 

 

   

 

 

 

Total assets

     $ 909,862       $ 747,175  
  

 

 

   

 

 

 

Liabilities

    

Debt (net of deferred financing costs of $4,787 and $3,431, respectively)

     $ 422,123       $ 322,010  

Distributions payable

     11,570       8,554  

Interest and other debt financing costs payable

     4,260       3,545  

Accrued expenses and other liabilities

     3,747       3,788  

Management fees payable

     1,494       1,343  

Deferred tax liability

     807       879  

Directors’ fees payable

     106       74  

Unrealized depreciation on foreign currency forward contracts

           65  
  

 

 

   

 

 

 

Total liabilities

     $ 444,107       $ 340,258  
  

 

 

   

 

 

 

Commitments and Contingencies (Note 8)

    

Net Assets

    
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)      $       $  
Common stock, par value $0.001 per share (200,000,000 shares authorized, 28,200,547 and 20,862,314 shares issued and outstanding, respectively)      28       21  

Paid-in capital in excess of par value

     559,239       414,293  

Accumulated loss

     (93,512     (7,397
  

 

 

   

 

 

 

Total Net Assets

     $ 465,755       $ 406,917  
  

 

 

   

 

 

 

Total Liabilities and Net Assets

     $     909,862       $     747,175  
  

 

 

   

 

 

 

Net asset value per share

     $ 16.52       $ 19.50  

 

See accompanying notes

 

2


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands except share and per share data)

(Unaudited)

 

     For the three
months ended
March 31, 2020
     For the three
months ended
March 31, 2019
 

Investment Income:

 

From non-controlled non-affiliated investments:

 

Interest income

   $ 16,603         $ 10,352     

Paid-in-kind interest

     549           165     

Dividend income

     892           423     

Other income

     440           244     

From non-controlled affiliated investments:

 

Interest income

     343           272     

Paid-in-kind interest

     4           —     
  

 

 

    

 

 

 

Total investment income

     18,831               11,456     
  

 

 

    

 

 

 

Expenses:

 

Interest and other debt financing costs

     4,349           2,809     

Management fees

     2,651           1,890     

Incentive fees

     1,932           1,024     

Professional fees

     342           192     

Directors’ fees

     129           73     

Organization expenses

     —           42     

Other general and administrative expenses

     726           521     
  

 

 

    

 

 

 

Total expenses

     10,129           6,551     

Management fee waiver

     (1,157)          (903)    

Incentive fee waiver

     (1,932)          (1,024)    
  

 

 

    

 

 

 

Net expenses

     7,040           4,624     
  

 

 

    

 

 

 

Net investment income before taxes

     11,791           6,832   

Income and excise taxes

     238           3     
  

 

 

    

 

 

 

Net investment income

     11,553           6,829     
  

 

 

    

 

 

 

Net realized and unrealized gains (losses) on investments:

 

Net realized gain (loss) on:

 

Non-controlled non-affiliated investments

     113           (261)    

Foreign currency transactions

     (237)          13     

Net change in unrealized appreciation (depreciation) on:

 

Non-controlled non-affiliated investments and foreign currency translation

     (64,440)          2,460     

Non-controlled affiliated investments

     (3,511)          536     

Controlled investments

     (16,843)          (241)    

Foreign currency forward contracts

     2,190           (27)    
  

 

 

    

 

 

 

Net realized and unrealized gains (losses) on investments

     (82,728)          2,480     
  

 

 

    

 

 

 

Realized loss on asset acquisition

     (3,825)          —     
  

 

 

    

 

 

 

Net realized and unrealized gains (losses) on investments and asset acquisition

     (86,553)          2,480     

Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments

     455           (449)    
  

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

   $     (74,545)        $ 8,860     
  

 

 

    

 

 

 

Per Common Share Data:

 

Net increase (decrease) in net assets resulting from operations per share (basic and diluted):

   $ (2.84)        $ 0.61     

Net investment income per share (basic and diluted):

   $ 0.44         $ 0.47     

Weighted average shares outstanding (basic and diluted):

         26,212,991               14,464,405     

 

See accompanying notes

 

3


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands except share and per share data)

(Unaudited)

 

     Common Stock                       
     Shares      Par Amount      Paid in Capital
in
Excess of Par
Value
     Accumulated
Loss
     Total
Net Assets
 

Balance at December 31, 2019

     20,862,314         $ 21         $ 414,293         $ (7,397)        $ 406,917     

Net increase (decrease) in net assets resulting from operations:

 

Net investment income

     —           —           —           11,553           11,553     
Net realized gain (loss) on investments and foreign currency transactions      —           —           —           (124)          (124)    
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation      —           —           —           (82,604)          (82,604)    
Realized loss on asset acquisition      —           —           —           (3,825)          (3,825)    
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments      —           —           —           455           455     
Stockholder distributions:

 

Issuance of common stock      2,265,021           2           44,295           —           44,297     
Issuance in connection with asset acquisition (Note 13)      5,202,312           5           101,944           —           101,949     
Issuance of common shares pursuant to dividend reinvestment plan      30,128           —           589           —           589     
Repurchase of common stock      (159,228)          —           (1,882)          —          (1,882)    
Distributions to stockholders      —           —           —           (11,570)          (11,570)    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Total increase (decrease) for the three months ended March 31, 2020      7,338,233           7           144,946           (86,115)          58,838     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Balance at March 31, 2020

     28,200,547         $     28         $     559,239         $     (93,512)        $     465,755     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions declared

               $ 0.41     

 

See accompanying notes

 

4


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands except share and per share data)

(Unaudited)

 

     Common Stock                       
     Shares      Par Amount      Paid in Capital
in
Excess of Par
Value
     Accumulated
Loss
     Total
Net Assets
 

Balance at December 31, 2018

     13,358,289         $ 13         $ 266,024         $ (6,458)        $ 259,579     
Net increase (decrease) in net assets resulting from operations:

 

Net investment income      —           —           —           6,829           6,829     
Net realized gain (loss) on investments and foreign currency transactions      —           —           —           (248)          (248)    
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation      —           —           —           2,728           2,728     
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments      —           —           —           (449)          (449)    
Stockholder distributions:

 

Issuance of common stock      1,330,128           1           25,999           —           26,000     
Issuance of common shares pursuant to dividend reinvestment plan      15,149           —           296           —           296     
Equity offering costs      —           —           (59)          —           (59)    
Distributions to stockholders      —           —           —           (6,028)          (6,028)    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Total increase (decrease) for the three months ended March 31, 2019      1,345,277           1           26,236           2,832           29,069     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Balance at March 31, 2019      14,703,566         $     14        $     292,260         $     (3,626)        $     288,648     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Distributions declared                $ 0.41     

 

See accompanying notes

 

5


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands except share and per share data)

(Unaudited)

 

     For the three
months ended
  March 31, 2020  
  For the three
months ended
  March 31, 2019  

Cash flows from operating activities:

 

Net increase (decrease) in net assets resulting from operations

    $ (74,545    $ 8,860  
Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by (used for) operating activities:

 

Purchases of investments

     (117,424     (63,382

Paid-in-kind interest income

     (553     (165

Proceeds from sales of investments and principal repayments

     73,751       39,935  

Net realized (gain) loss on investments and foreign currency transactions

     197       261  

Realized loss from asset acquisition

     3,825        

Acquisition of Alcentra Capital Corporation, net of cash acquired(2)

     (12,884      

Net change in unrealized (appreciation) depreciation on investments and foreign currency translation

     84,794       (2,755

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts

     (2,190     27  

Amortization of premium and accretion of discount, net

     (1,804     (772

Amortization of deferred financing costs

     332       177  

Change in operating assets and liabilities:

 

(Increase) decrease in receivable for investments and fund shares sold

     (6,378     (728

(Increase) decrease in interest receivable

     86       (640

(Increase) decrease in deferred tax asset

     (331      

(Increase) decrease in other assets

     2,245       (106

Increase (decrease) in payable for investments purchased

           1,707  

Increase (decrease) in management fees payable

     151       24  

Increase (decrease) in directors’ fees payable

     32       72  

Increase (decrease) in interest and credit facility fees and expenses payable

     (119     175  

Increase (decrease) in deferred tax liability

     (72     449  

Increase (decrease) in accrued expenses and other liabilities

     (436     3  
  

 

 

 

 

 

 

 

Net cash provided by (used for) operating activities

     (51,323     (16,858
  

 

 

 

 

 

 

 

Cash flows from financing activities:

 

Issuance of common stock

     44,297       26,000  

Repurchase of common stock

     (1,882      

Financing costs paid related to revolving credit facilities

     (1,688      

Distributions paid

     (7,965     (5,047

Equity offering costs

           (59

Borrowings on debt

     132,843       34,584  

Repayments on debt

     (99,350     (37,000

Repayments on InterNotes ®

     (16,853      
  

 

 

 

 

 

 

 

Net cash provided by (used for) financing activities

     49,402       18,478  
  

 

 

 

 

 

 

 

Effect of exchange rate changes on cash denominated in foreign currency

     22       5  

Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency

     (1,899     1,625  

Cash, cash equivalents, restricted cash and foreign currency, beginning of period

     13,427       10,369  
  

 

 

 

 

 

 

 

Cash, cash equivalents, restricted cash and foreign currency, end of period(1)

    $       11,528      $       11,994  
  

 

 

 

 

 

 

 

Supplemental and non-cash financing activities:

 

Cash paid during the period for interest

    $ 4,063      $ 2,458  

Issuance of common stock pursuant to dividend reinvestment plan

    $ 589      $ 296  

Accrued but unpaid equity offering costs

    $      $ 59  

Accrued but unpaid distributions

    $ 11,570      $ 6,028  

Issuance of shares in connection with asset acquisition (see Note 13)(2)

    $ 101,949      $  

 

(1)

As of March 31, 2020, the balance includes cash and cash equivalents of $3,314, cash denominated in foreign currency of $394 and restricted cash and cash equivalents of $7,820, respectively. As of December 31, 2019, the balance includes cash and cash equivalents of $3,867, cash denominated in foreign currency of $709, and restricted cash and cash equivalents of $8,851, respectively.

(2)

After the close of business on January 31, 2020, in connection with the Alcentra Acquisition (as defined in Note 1 and further discussed in Note 13), the Company acquired net assets of $114,431 which included $195,682 investment portfolio, $3,409 cash and cash equivalents and $1,398 other assets, net of $86,058 of assumed liabilities for the total cash and stock consideration of $118,256, inclusive of $7,250 of asset acquisition costs.

 

See accompanying notes

 

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Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

United States

               

Debt Investments

               

Automobiles & Components

               

Auto-Vehicle Parts, LLC(1)

 

Senior Secured First Lien

    L + 450 (2)      5.50     01/2023     $ 4,708     $ 4,665       1.0   $ 4,561  

Auto-Vehicle Parts, LLC(1) (3) (4)

 

Senior Secured First Lien

        01/2023             (5           (19

Continental Battery Company(1)

 

Senior Secured First Lien

    L + 525 (2)      6.25     12/2022       3,963       3,922       0.8       3,874  

Continental Battery Company(1) (3) (4)

 

Senior Secured First Lien

        12/2022             (8           (19

Continental Battery Company(1)

 

Senior Secured First Lien

    L + 525 (2)      6.25     12/2022       6,629       6,550       1.4       6,481  

Continental Battery Company(1)

 

Senior Secured First Lien

    L + 525 (2)      6.25     12/2022       3,491       3,462       0.7       3,413  

Empire Auto Parts, LLC(1)

 

Unitranche First Lien

    L + 550 (5)      6.50     09/2024       2,462       2,424       0.5       2,415  

Empire Auto Parts, LLC(1) (3) (4)

 

Unitranche First Lien

        09/2024             (6           (8

Empire Auto Parts, LLC(1)

 

Unitranche First Lien

    L + 550 (5)      6.81     09/2024       2,388       2,345       0.5       2,342  

POC Investors, LLC(1)

 

Senior Secured First Lien

    L + 550 (5)      6.95     11/2021       13,626       13,519       2.9       13,394  

POC Investors, LLC(1) (3) (4)

 

Senior Secured First Lien

        11/2021             (6           (17
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            37,267       36,862       7.8       36,417  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Capital Goods

               

Alion Science and Technology Corporation

 

Senior Secured First Lien

    L + 450 (2)      5.50     08/2021       2,794       2,794       0.6       2,500  

Alion Science and Technology Corporation(1) (6)

 

Unsecured Debt

      11.00     08/2022       6,543       6,448       1.4       6,543  

Envocore Holding, LLC(1)

 

Senior Secured First Lien

    L + 600 (5)      7.45     06/2022       17,918       15,211       3.0       14,098  

Potter Electric Signal Company(1) (3)

 

Senior Secured First Lien

    L + 425 (5)      5.30     12/2021       475       453       0.1       415  

Potter Electric Signal Company(1) (3)

 

Senior Secured First Lien

    P + 325 (7)      6.50     12/2024       545       540       0.1       525  

Potter Electric Signal Company(1)

 

Senior Secured First Lien

    L + 425 (8)      6.54     12/2025       2,499       2,478       0.5       2,405  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
                    30,774               27,924       5.7           26,486  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Commercial & Professional Services

               

ASP MCS Acquisition Corp.

 

Senior Secured First Lien

    L + 475 (9)      5.75     05/2024       5,227       5,210       0.4       1,895  

Battery Solutions, Inc.(1) (10)

 

Unsecured Debt

    1200 + 200 PIK (6)      14.00     11/2021       1,244       1,218       0.3       1,203  

BFC Solmetex LLC & Bonded Filter Co. LLC(1)

 

Unitranche First Lien

    L + 650 (5)      7.96     09/2023       5,966       5,876       1.2       5,779  

BFC Solmetex LLC & Bonded Filter Co. LLC(1)

 

Unitranche First Lien

    L + 650 (5)      7.96     09/2023       750       740       0.2       727  

BFC Solmetex LLC & Bonded Filter Co. LLC(1)

 

Unitranche First Lien

    L + 650 (5)      7.96     09/2023       622       613       0.1       603  

BFC Solmetex LLC & Bonded Filter Co. LLC(1)

 

Unitranche First Lien

    L + 650 (5)      7.74     09/2023       300       294       0.1       291  

BFC Solmetex LLC & Bonded Filter Co. LLC(1) (3) (4)

 

Unitranche First Lien

        09/2023             (6           (27

CHA Holdings, Inc.(1)

 

Senior Secured First Lien

    L + 450 (5)      5.57     04/2025       4,842       4,824       1.0       4,479  

CHA Holdings, Inc.(1)

 

Senior Secured First Lien

    L + 450 (5)      5.57     04/2025       1,021       1,017       0.2       944  

DFS Intermediate Holdings, LLC(1)

 

Senior Secured First Lien

    L + 525 (2)      6.25     03/2022       8,770       8,694       1.8       8,617  

DFS Intermediate Holdings, LLC(1) (3)

 

Senior Secured First Lien

    L + 525 (2)      6.25     03/2022       1,644       1,622       0.3       1,609  

DFS Intermediate Holdings, LLC(1) (3)

 

Senior Secured First Lien

    L + 525 (2)      6.77     03/2022       3,464       3,427       0.7       3,397  

Digital Room Holdings, Inc.

 

Senior Secured First Lien

    L + 500 (9)      6.07     05/2026       6,947       6,619       1.3       6,062  

 

See accompanying notes

 

7


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

GH Holding Company(1)

 

Senior Secured First Lien

    L + 450 (2)      5.49     02/2023     $ 1,470     $ 1,466       0.3   $ 1,420  

GI Revelation Acquisition, LLC

 

Senior Secured First Lien

    L + 500 (2)      5.99     04/2025       7,377       7,348       1.3       5,872  

Hepaco, LLC(1) (3)

 

Senior Secured First Lien

    L + 475 (2)      5.75     08/2023       321       319       0.1       283  

Hepaco, LLC(1)

 

Senior Secured First Lien

    L + 475 (2)      5.75     08/2024       5,138       5,101       1.1       4,926  

Hepaco, LLC(1) (3)

 

Senior Secured First Lien

    L + 475 (2)      5.75     08/2024       4,188       4,156       0.9       4,010  

Hsid Acquisition, LLC(1)

 

Senior Secured First Lien

    L + 450 (11)      6.26     01/2026       4,350       4,265       0.9       4,164  

Hsid Acquisition, LLC(1)

 

Senior Secured First Lien

    L + 450 (2)      5.50     01/2026       750       735       0.2       718  

Hsid Acquisition, LLC(1) (3) (4)

 

Senior Secured First Lien

        01/2026             (56           (124

Impact Group, LLC(1)

 

Senior Secured First Lien

    L + 650 (2)      8.44     06/2023       7,097       5,499       1.2       5,372  

Impact Group, LLC(1)

 

Senior Secured First Lien

    L + 650 (2)      8.11     06/2023       6,698       5,191       1.1       5,071  

Institutional Shareholder Services, Inc.(1)

 

Senior Secured First Lien

    L + 450 (5)      5.57     03/2026       2,970       2,927       0.6       2,871  

Institutional Shareholder Services, Inc.(1)

 

Senior Secured Second Lien

    L + 850 (5)      9.57     03/2027       2,000       1,921       0.4       1,920  

ISS Compressors Industries, Inc.(1)

 

Senior Secured First Lien

    L + 550 (11)      7.22     02/2026       9,167       9,077       1.9       8,813  

ISS Compressors Industries, Inc.(1) (3)

 

Senior Secured First Lien

    L + 550 (11)      7.22     02/2026       812       804       0.2       780  

Jordan Healthcare, Inc.(1)

 

Senior Secured First Lien

    L + 600 (5)      7.45     07/2022       4,011       3,990       0.8       3,918  

Jordan Healthcare, Inc.(1)

 

Senior Secured First Lien

    L + 600 (5)      7.45     07/2022       696       692       0.1       680  

Jordan Healthcare, Inc.(1)

 

Senior Secured First Lien

    L + 600 (5)      7.45     07/2022       450       448       0.1       440  

MHS Acquisition Holdings, LLC(1)

 

Senior Secured Second Lien

    L + 875 (5)      9.82     03/2025       8,102       7,935       1.5       6,981  

MHS Acquisition Holdings, LLC(1)

 

Senior Secured Second Lien

    L + 875 (5)      9.82     03/2025       467       460       0.1       402  

MHS Acquisition Holdings, LLC(1)

 

Unsecured Debt

    1350 PIK (6)      13.50     03/2026       739       731       0.1       631  

MHS Acquisition Holdings, LLC(1)

 

Unsecured Debt

    1350 PIK (6)      13.50     03/2026       246       244             210  

Miraclon Corporation(1) (12)

 

Unitranche First Lien

    L + 600 (9)      7.96     04/2026       4,161       4,050       0.8       3,870  

Pinstripe Holdings, LLC(1)

 

Unitranche First Lien

    L + 600 (2)      7.77     01/2025       9,900       9,659       2.0       9,492  

Pye-Barker Fire & Safety, LLC(1)

 

Unitranche First Lien

    L + 575 (5)      7.20     11/2025           10,100           9,835       2.0           9,234  

Pye-Barker Fire & Safety, LLC(1) (3)

 

Unitranche First Lien

    P + 475 (7)      8.00     11/2025       1,500       1,451       0.3       1,179  

Receivable Solutions, Inc.(1)

 

Senior Secured First Lien

    L + 500 (2)      6.07     10/2024       2,189       2,154       0.5       2,132  

Receivable Solutions, Inc.(1) (3)

 

Senior Secured First Lien

    L + 500 (11)      6.00     10/2024       180       175             172  

SavATree, LLC(1)

 

Senior Secured First Lien

    L + 500 (5)      6.45     06/2022       3,946       3,910       0.8       3,862  

SavATree, LLC(1) (3)

 

Senior Secured First Lien

    L + 500 (5)      6.45     06/2022       425       421       0.1       414  

SavATree, LLC(1) (3)

 

Senior Secured First Lien

    P + 400 (7)      7.25     06/2022       438       430       0.1       419  

Spear Education(1)

 

Senior Secured First Lien

    L + 525 (5)      6.90     02/2025       6,875       6,807       1.4       6,690  

Spear Education(1) (3) (4)

 

Senior Secured First Lien

        02/2025             (31           (84

TecoStar Holdings, Inc.(1)

 

Senior Secured Second Lien

    P + 750 (7)      10.75     11/2024       5,000       4,913       0.9       4,356  

UP Acquisition Corp.(1)

 

Unitranche First Lien

    L + 625 (2)      7.25     05/2024       4,367       4,293       0.9       4,254  

UP Acquisition Corp.(1) (3)

 

Unitranche First Lien

    L + 625 (5)      7.70     05/2024       573       552       0.1       540  

UP Acquisition Corp.(1)

 

Unitranche First Lien

    L + 625 (2)      7.25     05/2024       1,197       1,174       0.3       1,166  

Valet Waste Holdings, Inc.

 

Senior Secured First Lien

    L + 375 (2)      4.74     09/2025       14,775       14,745       2.6       12,116  

 

See accompanying notes

 

8


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

Xcentric Mold and Engineering Acquisition Company, LLC(1)

 

Senior Secured First Lien

   


L + 700

(including
100 PIK

 

 
)(2) 

    8.36     01/2022     $ 4,932     $ 4,894       0.9   $ 4,362  

Xcentric Mold and Engineering Acquisition Company, LLC(1)

 

Senior Secured First Lien

   


L + 700

(including
100 PIK

 

 
)(2) 

    8.36     01/2022       705       700       0.1       623  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
                179,109           173,533       34.3           159,734  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Consumer Durables & Apparel

               

EiKo Global, LLC(1)

 

Senior Secured First Lien

    L + 600 (5)      7.45     06/2023       3,248       3,202       0.7       3,182  

EiKo Global, LLC(1) (3)

 

Senior Secured First Lien

    L + 600 (5)      7.45     06/2023       675       665       0.1       660  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            3,923       3,867       0.8       3,842  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Consumer Services

               

BJH Holdings III Corp.(1)

 

Unitranche First Lien

    L + 575 (2)      7.20     08/2025       13,681       13,493       2.5       11,492  

Cambium Learning Group, Inc.

 

Senior Secured First Lien

    L + 450 (5)      5.95     12/2025       1,970       1,960       0.4       1,625  

Cambium Learning Group, Inc.(1)

 

Senior Secured Second Lien

    L + 850 (2)      9.44     12/2026       5,000       4,852       0.9       4,050  

Colibri Group LLC(1)

 

Unitranche First Lien

    L + 575 (5)      7.21     05/2025       8,188       8,008       1.7       7,779  

Colibri Group LLC(1)

 

Unitranche First Lien

    L + 575 (2)      6.75     05/2025       1,000       979       0.2       950  

Colibri Group LLC(1)

 

Unitranche First Lien

    L + 575 (5)      7.21     05/2025       1,347       1,318       0.3       1,279  

COP Home Services Holdings, Inc.(1)

 

Senior Secured First Lien

    L + 450 (5)      6.21     05/2025       697       684       0.1       674  

COP Home Services Holdings, Inc.(1) (3)

 

Senior Secured First Lien

    L + 450 (5)      5.50     05/2025       232       224             217  

COP Home Services Holdings, Inc.(1)

 

Senior Secured First Lien

    L + 450 (11)      6.18     05/2025       3,465       3,405       0.7       3,353  

HGH Purchaser, Inc.(1) (3) (4)

 

Unitranche First Lien

        11/2025             (39           (135

HGH Purchaser, Inc.(1)

 

Unitranche First Lien

    L + 600 (2)      7.52     11/2025       8,088       7,897       1.7       7,765  

HGH Purchaser, Inc.(1) (3)

 

Unitranche First Lien

    L + 600 (2)      7.00     11/2025       709       686       0.1       669  

JLL XDD, Inc.(1)

 

Senior Secured First Lien

    L + 475 (9)      5.82     12/2023       2,129       2,083       0.4       2,084  

Learn-It Systems, LLC(1)

 

Senior Secured First Lien

    L + 450 (5)      5.39     03/2025       4,356       4,254       0.9       4,210  

Learn-It Systems, LLC(1) (3)

 

Senior Secured First Lien

    P + 350 (7)      6.75     03/2025       492       478       0.1       472  

Learn-It Systems, LLC(1) (3)

 

Senior Secured First Lien

    L + 450 (5)      6.33     03/2025       389       328       0.1       302  

New Mountain Learning(1) (3)

 

Senior Secured First Lien

   


L + 800

(including
200 PIK

 

 
)(5) 

    9.45     03/2024       301       300             225  

New Mountain Learning(1)

 

Senior Secured First Lien

   


L + 800

(including
200 PIK

 

 
)(5) 

    9.45     03/2024       1,793       1,768       0.3       1,494  

New Mountain Learning(1) (3) (4)

 

Senior Secured First Lien

   


L + 800

(including
200 PIK

 

 
)(5) 

    9.45     03/2024       75       67             (25

New Mountain Learning(1)

 

Senior Secured First Lien

   


L + 800

(including
200 PIK

 

 
)(5) 

    9.45     03/2024       363       359       0.1       303  

Pre-Paid Legal Services, Inc.

 

Senior Secured Second Lien

    L + 750 (2)      8.49     05/2026       9,333       9,252       1.8       8,416  

Southern Technical Institute, Inc.(1) (10) (13)

 

Senior Secured Second Lien

        12/2021       3,529                    

Teaching Strategies LLC(1)

 

Unitranche First Lien

    L + 600 (5)      7.45     05/2024       9,211       9,041       1.9       8,926  

Teaching Strategies LLC(1) (3)

 

Unitranche First Lien

    L + 600 (5)      7.45     05/2024       182       172             163  

United Language Group, Inc.(1)

 

Senior Secured First Lien

    L + 675 (2)      7.74     12/2021       4,677       4,632       0.9       4,243  

United Language Group, Inc.(1)

 

Senior Secured First Lien

    L + 675 (2)      7.74     12/2021       400       396       0.1       363  

Vistage Worldwide, Inc.(1)

 

Senior Secured First Lien

    L + 400 (2)      5.00     02/2025       6,457       6,467       1.1       5,262  

WeddingWire, Inc.(1)

 

Senior Secured Second Lien

    L + 825 (5)      9.70     12/2026       5,000       4,951       1.0       4,625  

 

See accompanying notes

 

9


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

Wrench Group LLC(1)

 

Senior Secured Second Lien

    L + 788 (9)      8.95     04/2027     $ 2,500     $ 2,431       0.5   $ 2,212  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            95,564       90,446       17.8       82,993  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Diversified Financials

               

CC SAG Acquisition Corp.(1)

 

Unitranche First Lien

    L + 500 (5)      6.00     09/2025       7,164       7,010       1.5       7,032  

CC SAG Acquisition Corp.(1) (3)

 

Unitranche First Lien

    L + 500 (2)      6.00     09/2025       172       143             130  

CC SAG Acquisition Corp.(1) (3) (4)

 

Unitranche First Lien

        09/2025             (22           (19

GGC Aperio Holdings, L.P.(1)

 

Unitranche First Lien

    L + 500 (5)      6.45     10/2024       8,405       8,391       1.6       7,305  

Goldentree Loan Management US CLO 2, Ltd.(1) (12)

 

CLO, Series 2017-2A, Class E

    L + 470       6.52     11/2030       2,000       1,894       0.3       1,207  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
                17,741           17,416       3.4           15,655  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Energy

               

BJ Services, LLC(1)

 

Unitranche First Lien

    L + 700 (5)      8.91     01/2023       4,750       4,715       1.0       4,498  

BJ Services, LLC(1) (14)

 

Unitranche First Lien - Last Out

    L + 1033 (5)      12.24     01/2023       8,075       8,014       1.6       7,693  

Black Diamond Oilfield Rentals, LLC(1) (13)

 

Senior Secured First Lien

        12/2020       10,386       10,088       1.0       4,471  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            23,211       22,817       3.6       16,662  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Food & Staples Retailing

               

Isagenix International, LLC

 

Senior Secured First Lien

    L + 575 (5)      7.02     06/2025       6,381       6,354       0.5       2,377  

PetIQ, LLC(1) (12)

 

Senior Secured First Lien

    L + 450 (2)      6.10     07/2025       14,962       14,836       3.1       14,254  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            21,343       21,190       3.6       16,631  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Food, Beverage & Tobacco

               

Mann Lake Ltd.(1)

 

Senior Secured First Lien

    L + 600 (5)      7.37     10/2024       3,856       3,793       0.7       3,448  

Mann Lake Ltd.(1) (3)

 

Senior Secured First Lien

    L + 600 (5)      7.45     10/2024       840       826       0.2       745  

Manna Pro Products, LLC(1) (3)

 

Unitranche First Lien

    L + 600 (2)      7.00     12/2023       1,019       1,014       0.2       944  

Manna Pro Products, LLC(1)

 

Unitranche First Lien

    L + 600 (2)      6.99     12/2023       2,449       2,422       0.5       2,389  

Manna Pro Products, LLC(1)

 

Unitranche First Lien

    L + 600 (2)      7.00     12/2023       4,403       4,354       0.9       4,295  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            12,567       12,409       2.5       11,821  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Health Care Equipment & Services

               

Abode Healthcare, Inc.(1)

 

Senior Secured First Lien

    L + 425 (5)      5.86     08/2025       4,776       4,688       1.0       4,734  

Abode Healthcare, Inc.(1) (3)

 

Senior Secured First Lien

    L + 425 (5)      6.08     08/2025       863       842       0.2       852  

Aegis Sciences Corporation

 

Senior Secured First Lien

    L + 550 (5)      7.23     05/2025       7,385       6,990       1.3       6,180  

Ameda, Inc.(1)

 

Senior Secured First Lien

    L + 700 (2)      7.99     09/2022       2,272       2,250       0.4       2,083  

Ameda, Inc.(1) (3)

 

Senior Secured First Lien

    L + 700 (2)      7.99     09/2022       188       185             162  

Avalign Technologies, Inc.(1)

 

Senior Secured First Lien

    L + 450 (2)      5.57     12/2025       16,966       16,820       3.1       14,421  

BAART Programs, Inc.(1) (3)

 

Senior Secured Second Lien

    L + 800 (9)      9.96     03/2025       1,000       957       0.1       679  

BAART Programs, Inc.(1)

 

Senior Secured Second Lien

    L + 825 (9)      10.21     03/2025       7,000       6,700       1.4       6,551  

Centria Subsidiary Holdings, LLC(1)

 

Unitranche First Lien

    P + 500 (7)      8.25     12/2025       1,974       1,918       0.4       1,889  

Centria Subsidiary Holdings, LLC(1)

 

Unitranche First Lien

    L + 600 (5)      7.00     12/2025       11,842       11,501       2.4       11,336  

CRA MSO, LLC(1)

 

Senior Secured First Lien

    L + 475 (2)      5.75     12/2023       1,234       1,216       0.3       1,197  

CRA MSO, LLC(1) (3) (4)

 

Senior Secured First Lien

        12/2023             (6           (30

CRA MSO, LLC(1) (3)

 

Senior Secured First Lien

    L + 475 (15)      5.75     12/2023       60       57             54  

 

See accompanying notes

 

10


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

ExamWorks Group, Inc.(1)

 

Senior Secured Second Lien

    L + 725 (2)      8.19     07/2024     $ 5,735     $ 5,626       1.1   $ 5,186  

GrapeTree Medical Staffing, LLC(1)

 

Senior Secured First Lien

    L + 525 (2)      6.25     10/2022       1,658       1,642       0.4       1,635  

GrapeTree Medical Staffing, LLC(1)

 

Senior Secured First Lien

    L + 525 (2)      6.25     10/2022       450       446       0.1       444  

GrapeTree Medical Staffing, LLC(1)

 

Senior Secured First Lien

    L + 525 (2)      6.25     10/2022       1,393       1,371       0.3       1,374  

HCAT Acquisition, Inc.(1)

 

Unitranche First Lien

   


L + 825

(including
525 PIK

 

 
)(5) 

    9.70     11/2022       2,326       2,212       0.5       2,185  

HCAT Acquisition, Inc.(1)

 

Unitranche First Lien

   


L + 825

(including
525 PIK

 

 
)(5) 

    9.70     11/2022       3,805       3,617       0.8       3,574  

HCAT Acquisition, Inc.(1)

 

Unitranche First Lien

   


L + 825

(including
525 PIK

 

 
)(5) 

    9.70     11/2022       14,786       14,057       3.0       13,887  

Lightspeed Buyer, Inc.(1) (3) (4)

 

Unitranche First Lien

        02/2026             (18           (83

Lightspeed Buyer, Inc.(1)

 

Unitranche First Lien

    L + 575 (2)      6.75     02/2026       1,050       1,030       0.2       1,001  

Lightspeed Buyer, Inc.(1)

 

Unitranche First Lien

    L + 575 (2)      6.75     02/2026       10,000       9,804       2.0       9,537  

MDVIP, Inc.(1)

 

Senior Secured First Lien

    L + 425 (2)      5.25     11/2024       9,635       9,634       1.8       8,237  

Medsurant Holdings, LLC(1)

 

Senior Secured Second Lien

    1300 (6)      13.00     06/2020       8,729       8,534       1.8       8,404  

NMN Holdings III Corp.(1)

 

Senior Secured Second Lien

    L + 775 (2)      8.36     11/2026       7,222       7,032       1.4       6,348  

NMN Holdings III Corp.(1) (3) (4)

 

Senior Secured Second Lien

        11/2026             (21           (202

NMSC Holdings, Inc.(1)

 

Senior Secured Second Lien

    L + 1000 (11)      11.62     10/2023       4,308       4,207       0.6       3,008  

Omni Ophthalmic Management Consultants, LLC(1)

 

Senior Secured First Lien

    L + 550 (2)      6.50     05/2023       850       841       0.2       821  

Omni Ophthalmic Management Consultants, LLC(1) (3) (4)

 

Senior Secured First Lien

        05/2023             (8           (39

Omni Ophthalmic Management Consultants, LLC(1)

 

Senior Secured First Lien

    L + 550 (2)      6.50     05/2023       6,930       6,856       1.4       6,692  

Pinnacle Treatment Centers, Inc.(1)

 

Unitranche First Lien

    L + 625 (2)      8.03     12/2022       8,286       8,208       1.7       8,121  

Pinnacle Treatment Centers, Inc.(1) (3) (4)

 

Unitranche First Lien

        12/2022             (8           (23

Pinnacle Treatment Centers, Inc.(1)

 

Unitranche First Lien

    P + 500 (7)      8.25     12/2022       571       566       0.1       560  

Professional Physical Therapy(1)

 

Senior Secured First Lien

   


L + 675 PIK

(including 75
PIK

 

 
)(5) 

    8.33     12/2022       8,903       8,599       1.4       6,630  

PT Network, LLC(1) (3) (4)

 

Senior Secured First Lien

        11/2023             (1           (18

PT Network, LLC(1)

 

Senior Secured First Lien

   


L + 750 PIK

(including
200 PIK

 

 
)(5) 

    9.44     11/2023       4,751       4,743       1.0       4,535  

Safco Dental Supply, LLC(1)

 

Unitranche First Lien

    L + 500 (5)      6.12     06/2025       4,484       4,414       0.9       4,342  

Safco Dental Supply, LLC(1) (3)

 

Unitranche First Lien

    L + 500 (5)      6.21     06/2025       300       291       0.1       281  

Smile Brands, Inc.(1) (3)

 

Senior Secured First Lien

    P + 350 (7)      6.75     10/2023       265       263       0.1       255  

Smile Brands, Inc.(1) (3)

 

Senior Secured First Lien

    L + 450 (9)      6.28     10/2024       606       600       0.1       579  

Smile Brands, Inc.(1)

 

Senior Secured First Lien

    L + 450 (9)      6.28     10/2024       2,074       2,057       0.4       2,004  

Smile Doctors LLC(1)

 

Senior Secured First Lien

    L + 625 (5)      7.25     10/2022       1,208       1,208       0.3       1,177  

Smile Doctors LLC(1)

 

Senior Secured First Lien

    L + 625 (2)      7.25     10/2022       3,514       3,490       0.7       3,423  

Smile Doctors LLC(1) (3)

 

Senior Secured First Lien

    L + 625 (11)      7.26     10/2022       1,842       1,840       0.3       1,504  

 

See accompanying notes

 

11


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

Unifeye Vision Partners(1)

  Senior Secured First Lien     L + 475 (5)      5.75     09/2025     $ 5,387     $ 5,287       1.1   $ 5,221  

Unifeye Vision Partners(1)

  Senior Secured First Lien     P + 400 (7)      7.25     09/2025       1,700       1,669       0.4       1,648  

Unifeye Vision Partners(1) (3) (4)

  Senior Secured First Lien         09/2025             (28           (94

Zest Acquisition Corp.

  Senior Secured First Lien     L + 350 (2)      4.30     03/2025       8,807       8,808       1.7       7,772  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
                187,135           182,986       36.5           170,034  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Household & Personal Products

 

Tranzonic(1)

  Senior Secured First Lien     L + 475 (2)      6.35     03/2023       3,844       3,818       0.8       3,754  

Tranzonic(1) (3)

  Senior Secured First Lien     P + 375 (7)      7.00     03/2023       205       202             193  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            4,049       4,020       0.8       3,947  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Insurance

 

Comet Acquisition, Inc.(1)

  Senior Secured Second Lien     L + 750 (5)      9.11     10/2026       4,632       4,622       0.8       3,706  

Integrity Marketing Acquisition, LLC(1)

  Unitranche First Lien     L + 575 (5)      7.39     08/2025       12,977       12,678       2.7       12,440  

Integrity Marketing Acquisition, LLC(1)

  Unitranche First Lien     L + 575 (5)      6.97     08/2025       1,410       1,364       0.3       1,351  

Integrity Marketing Acquisition, LLC(1)

  Unitranche First Lien     L + 575 (5)      7.65     08/2025       5,106       4,980       1.1       4,895  

Integrity Marketing Acquisition, LLC(1)

  Unitranche First Lien     L + 575 (5)      7.49     08/2025       3,088       3,009       0.6       2,960  

Integro Parent, Inc.(1) (12)

  Senior Secured First Lien     L + 575 (2)      6.75     10/2022       476       472       0.1       469  

Integro Parent, Inc.(1) (12)

  Senior Secured Second Lien     L + 925 (2)      10.25     10/2023       380       377       0.1       380  

Integro Parent, Inc.(1) (12)

  Senior Secured Second Lien     L + 925 (2)      10.25     10/2023       2,915       2,883       0.6       2,915  

The Hilb Group, LLC(1) (3)

  Unitranche First Lien     L + 575 (5)      6.87     12/2025       231       223             229  

The Hilb Group, LLC(1)

  Unitranche First Lien     L + 575 (5)      7.20     12/2026       3,630       3,543       0.8       3,603  

The Hilb Group, LLC(1) (3)

  Unitranche First Lien     L + 575 (5)      7.51     12/2026       179       164             171  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            35,024       34,315       7.1       33,119  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Materials

 

Kestrel Parent, LLC(1) (3) (4)

  Unitranche First Lien         11/2023             (16           (30

Kestrel Parent, LLC(1)

  Unitranche First Lien     L + 600 (2)      7.00     11/2025       6,723       6,581       1.4       6,492  

Maroon Group, LLC (1)

  Unitranche First Lien     L + 600 (5)      7.38     08/2022       2,705       2,688       0.6       2,627  

Maroon Group, LLC (1) (3)

  Unitranche First Lien     L + 600 (2)      7.00     08/2022       349       347       0.1       339  

Maroon Group, LLC (1)

  Unitranche First Lien     L + 600 (5)      7.38     08/2022       1,250       1,243       0.2       1,214  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            11,027       10,843       2.3       10,642  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

 

Pharmalogic Holdings Corp.(1)

  Senior Secured Second Lien     L + 800 (2)      8.99     12/2023       5,460       5,421       1.1       5,270  

Pharmalogic Holdings Corp.(1)

  Senior Secured Second Lien     L + 800 (2)      8.99     12/2023       5,880       5,837       1.2       5,676  

Pharmalogic Holdings Corp.(1)

  Senior Secured Second Lien     L + 800 (2)      8.99     12/2023       4,760       4,726       1.0       4,595  

Trinity Partners, LLC(1)

  Senior Secured First Lien     L + 500 (2)      6.00     02/2023       3,734       3,699       0.8       3,619  

Trinity Partners, LLC(1) (3)

  Senior Secured First Lien     P + 400 (7)      7.25     02/2023       434       429       0.1       420  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            20,268       20,112       4.2       19,580  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Retailing

 

Palmetto Moon LLC,(1)

  Senior Secured First Lien     1150 + 250 PIK (6)      14.00     10/2021       4,343       3,535       0.7       3,524  

Slickdeals Holdings, LLC(1) (3) (4) (10)

  Unitranche First Lien         06/2023             (13           (41

Slickdeals Holdings, LLC(1) (10)

  Unitranche First Lien     L + 625 (5)      7.91     06/2024       14,688       14,323       3.0       13,850  

Strategic Partners, Inc.(1)

  Senior Secured First Lien     L + 375 (2)      4.75     06/2023       6,307       6,297       1.2       5,455  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            25,338       24,142       4.9       22,788  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

 

See accompanying notes

 

12


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

Software & Services

 

Affinitiv, Inc.(1)

  Unitranche First Lien     L + 525 (5)      6.86     08/2024     $ 6,484     $ 6,382       1.3   $ 6,202  

Affinitiv, Inc.(1) (3)

  Unitranche First Lien     L + 525 (5)      6.25     08/2024       113       100             76  

Ansira Partners, Inc.(1) (13)

  Unitranche First Lien         12/2022       6,849       6,814       0.9       4,089  

Ansira Partners, Inc.(1) (3) (13)

  Unitranche First Lien         12/2022       625       621       0.1       243  

Avaap USA LLC(1)

  Senior Secured First Lien     L + 525 (2)      6.24     03/2023       3,798       3,743       0.8       3,731  

Avaap USA LLC(1)

  Senior Secured First Lien     L + 525 (2)      6.24     03/2023       347       342       0.1       340  

Avaap USA LLC(1)

  Senior Secured First Lien     L + 525 (5)      6.70     03/2023       650       641       0.1       639  

Benesys, Inc.(1)

  Senior Secured First Lien     L + 425 (2)      5.24     10/2024       1,428       1,412       0.3       1,351  

Benesys, Inc.(1) (3)

  Senior Secured First Lien     L + 425 (2)      4.86     10/2024       90       88             82  

C-4 Analytics, LLC(1)

  Senior Secured First Lien     L + 475 (2)      5.75     08/2023       10,286       10,176       2.1       10,001  

C-4 Analytics, LLC(1) (3) (4)

  Senior Secured First Lien         08/2023             (6           (17

CAT Buyer, LLC(1)

  Unitranche First Lien     L + 525 (2)      6.25     04/2024       6,287       6,184       1.3       6,114  

CAT Buyer, LLC(1) (3)

  Unitranche First Lien     L + 525 (2)      6.25     04/2024       344       333       0.1       329  

Claritas, LLC(1)

  Senior Secured First Lien     L + 650 (2)      7.95     12/2023       1,114       1,105       0.2       1,082  

Claritas, LLC(1) (3)

  Senior Secured First Lien     L + 650 (2)      7.50     12/2023       218       215             209  

List Partners, Inc.(1)

  Senior Secured First Lien     L + 500 (2)      5.99     01/2023       4,530       4,476       0.9       4,431  

List Partners, Inc.(1) (3) (4)

  Senior Secured First Lien         01/2023             (5           (10

MRI Software LLC(1) (3)

  Unitranche First Lien     L + 550 (9)      6.57     02/2026       706       669       0.1       407  

MRI Software LLC(1) (3)

  Unitranche First Lien     L + 550 (5)      6.57     02/2026       633       614       0.1       524  

MRI Software LLC(1)

  Unitranche First Lien     L + 550 (5)      6.57     02/2026       15,253       15,029       3.0       13,940  

Ontario Systems, LLC(1)

  Unitranche First Lien     L + 550 (2)      6.50     08/2025       3,234       3,204       0.7       3,098  

Ontario Systems, LLC(1) (3) (4)

  Unitranche First Lien         08/2025             (5           (21

Ontario Systems, LLC(1) (3) (4)

  Unitranche First Lien         08/2025             (5           (46

Perforce Software, Inc.

  Senior Secured First Lien     L + 375 (2)      4.74     07/2026       12,438       12,381       2.3       10,779  

Perforce Software, Inc.(1)

  Senior Secured Second Lien     L + 800 (2)      8.99     07/2027       5,000       4,975       1.0       4,750  

Right Networks, LLC(1)

  Unitranche First Lien     L + 600 (2)      7.02     11/2024       9,719       9,515       2.0       9,426  

Right Networks, LLC(1) (3) (4)

  Unitranche First Lien         11/2024             (5           (7

Ruffalo Noel Levitz, LLC(1)

  Unitranche First Lien     L + 600 (5)      7.45     05/2022       2,524       2,499       0.5       2,464  

Ruffalo Noel Levitz, LLC(1)

  Unitranche First Lien     L + 600 (5)      7.23     05/2022       300       297       0.1       293  

SMS Systems Maintenance Services, Inc.(1) (13)

  Senior Secured Second Lien         10/2024       7,746       5,619       0.6       2,604  

SMS Systems Maintenance Services, Inc.(1) (13)

  Senior Secured Second Lien         10/2024       5,919       4,287       0.4       1,989  

SMS Systems Maintenance Services, Inc.(1) (13)

  Senior Secured Second Lien         10/2024       2,859       2,679       0.5       2,116  

Transportation Insight, LLC(1) (3)

  Senior Secured First Lien     L + 450 (15)      6.10     12/2024       745       739       0.2       718  

Transportation Insight, LLC(1)

  Senior Secured First Lien     L + 450 (5)      5.95     12/2024       5,181       5,140       1.1       4,995  

Transportation Insight, LLC(1)

  Senior Secured First Lien     L + 450 (5)      5.95     12/2024       1,287       1,277       0.3       1,241  

Trident Technologies, LLC(1)

  Senior Secured First Lien     L + 600 (5)      7.50     12/2025       14,962       14,746       3.2       14,813  

Winxnet Holdings LLC(1) (3)

  Unitranche First Lien     L + 550 (2)      6.49     06/2023       646       632       0.1       614  

Winxnet Holdings LLC(1)

  Unitranche First Lien     L + 550 (2)      6.50     06/2023       1,965       1,938       0.4       1,905  

Winxnet Holdings LLC(1) (3)

  Unitranche First Lien     L + 550 (2)      6.50     06/2023       240       235             228  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            134,520       129,081       24.8       115,722  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Technology Hardware & Equipment

 

Onvoy, LLC(1)

  Senior Secured Second Lien     L + 1050 (2)      11.50     02/2025       2,635       2,545       0.5       2,187  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Transportation

 

Pilot Air Freight, LLC(1)

  Senior Secured First Lien     L + 525 (2)      6.25     07/2024       5,404       5,380       1.1       5,242  

 

See accompanying notes

 

13


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

Pilot Air Freight, LLC(1)

  Senior Secured First Lien     L + 525 (5)      6.70     07/2024     $ 1,205     $ 1,205       0.3   $ 1,169  

Pilot Air Freight, LLC(1) (3) (4)

  Senior Secured First Lien         07/2024             (4           (36

Pilot Air Freight, LLC(1) (3)

  Senior Secured First Lien     L + 525 (2)      6.25     07/2024       98       98             95  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            6,707       6,679       1.4       6,470  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Debt Investments
United States
          $ 848,202     $ 821,187       162.0   $ 754,730  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Equity Investments

 

Automobiles & Components

 

APC Auto Tech Holdings, LLC(1) (10) (16)

  Common Stock           2,427       1,090              

APC Auto Technology Intermediate, LLC(1) (10) (16)

  Preferred Stock           757       757              
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            3,184       1,847              
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Capital Goods

 

Alion Science and Technology Corporation(1) (16)

  Common Stock           745,504       766       0.3       1,226  

Envocore Holding, LLC(1) (16)

  Preferred Stock           60,360                    

LRI Holding LLC(1) (16)

  Preferred Stock           1,079,365                    

METAL Powder Products LLC(1) (16)

  Common Stock           500,000                    
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            2,385,229       766       0.3       1,226  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Commercial & Professional Services

 

Allied Universal holdings, LLC(1) (16)

  Common Stock, Class A           2,240,375       1,011       0.4       1,743  

Battery Solutions, Inc.(1) (10) (16)

  Preferred Stock, Class A           5,000,000                    

Battery Solutions, Inc.(1) (10) (16)

  Preferred Stock, Class E     800 PIK       8.00       4,963,844       3,669       0.6       2,919  

Battery Solutions, Inc.(1) (10) (16)

  Preferred Stock, Class F           3,333,333                    

IGT Holding LLC(1) (16)

  Common Stock           44,000                    

MHS Acquisition Holdings, LLC(1) (16)

  Common Stock           9       10              

MHS Acquisition Holdings, LLC(1) (16)

  Preferred Stock           923       923       0.1       576  

MY Alarm Ce ,LLC(1) (16)

  Preferred Stock           2,420                    

MY Alarm Ce ALARM, LLC(1) (16)

  Common Stock           129,582                    

MY Alarm Ce SENIOR, LLC(1) (16)

  Preferred Stock           2,999                    

PB Parent, LP(1) (16)

  Common Stock           1,125,000       1,125       0.2       791  

RSI Acquisition, LLC(1) (16)

  Preferred Stock, Class A           137,000       137             137  

TecoStar Holdings, Inc.(1) (16)

  Common Stock           500,000       500       0.3       1,112  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            17,479,485       7,375       1.6       7,278  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Consumer Services

 

Green Wrench Acquisition, LLC(1) (16)

  Common Stock           3,906       391       0.1       359  

HGH Investment, LP(1) (16)

  Common Stock, Class A           4,171       417       0.1       383  

Legalshield(1) (16)

  Common Stock           372       372       0.1       569  

Southern Technical Institute, Inc.(1) (10) (16)

  Preferred Stock, Class A           3,164,063                    

Southern Technical Institute, Inc.(1) (10) (16)

  Preferred Stock, Class A1           6,000,000                    

Wrench Group Holdings, LLC(1) (16)

  Common Stock, Class A           1,094       109             100  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            9,173,606       1,289       0.3       1,411  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Diversified Financials

 

CBDC Senior Loan Fund LLC(3) (12) (17) (18)

  Partnership Interest           39,000,000       39,000       4.8       22,599  

 

See accompanying notes

 

14


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 

GACP II LP(12) (18) (23)

  Partnership Interest           20,532,236     $ 20,532       4.6   $ 21,284  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            59,532,236       59,532       9.4       43,883  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Health Care Equipment & Services

 

ExamWorks Group, Inc.(1) (16)

  Common Stock           7,500       750       0.3       1,415  

MDVIP, Inc.(1) (16)

  Common Stock           46,807       667       0.2       861  

NMN Holdings LP(1) (16)

  Common Stock           11,111       1,111       0.2       1,005  

PT Network, LLC(1) (16)

  Common Stock, Class C           1                    

Spartan Healthcare Holdings, LLC(1) (16)

  Common Stock           11,843       1,184       0.3       1,211  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            77,262       3,712       1.0       4,492  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Insurance

 

Integrity Marketing Acquisition, LLC(1) (16)

  Common Stock           619,562       648       0.1       679  

Integrity Marketing Acquisition, LLC(1) (16)

  Preferred Stock           1,247       1,216       0.3       1,352  

Integro Parent, Inc.(1) (12) (16)

  Common Stock           4,468       454       0.2       982  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            625,277       2,318       0.6       3,013  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Materials

 

Kestrel Upperco, LLC(1) (16)

  Common Stock, Class A           41,791       209             194  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Media

 

Conisus, LLC.(1) (10) (16)

  Preferred Stock, Series B           12,677,834       8,728       1.7       7,904  

Conisus, LLC.(1) (10) (16)

  Common Stock           4,914,556                    

Vivid Seats Ltd.(1) (10) (16)

  Common Stock           608,108       608       0.2       934  

Vivid Seats Ltd.(1) (10) (16)

  Preferred Stock           1,891,892       1,892       0.6       2,643  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            20,092,390       11,228       2.5       11,481  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Retailing

 

Palmetto Moon, LLC(1) (16)

  Common Stock           61                    

Slickdeals Holdings, LLC(1) (10) (16)

  Common Stock           109       1,091       0.3       1,181  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            170       1,091       0.3       1,181  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Software & Services

 

SMS Systems Maintenance Services, Inc.(1) (16)

  Common Stock           1,142,789       1,144              
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Technology Hardware & Equipment

 

Onvoy, LLC(1) (16)

  Common Stock, Class A           3,649       365             210  

Onvoy, LLC(1) (16)

  Common Stock, Class B           2,536                    
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            6,185       365             210  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Transportation

 

Xpress Global Systems, LLC(1) (10) (16)

  Common Stock           12,544                    
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Total Equity Investments

United States

          $ 110,572,148     $ 90,876       16.0   $ 74,369  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Total United States

            $ 912,063       178.0   $ 829,099  
           

 

 

 

 

 

 

   

 

 

 
Canada                

Debt Investments

               

Software & Services

               

Corel Corporation(12)

  Senior Secured First Lien     L + 500 (5)      6.61     07/2026     $ 12,422       11,849       2.4       11,024  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Telecommunication Services

 

Sandvine Corporation(1) (12)

  Senior Secured Second Lien     L + 800 (2)      9.00     11/2026       4,500       4,345       0.8       3,825  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Total Debt Investments
Canada

          $ 16,922     $ 16,194       3.2   $ 14,849  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Canada             $ 16,194       3.2   $ 14,849  
           

 

 

 

 

 

 

   

 

 

 

 

See accompanying notes

 

15


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net

Assets **
    Fair
Value
 
France  

Debt Investments

 

Technology Hardware & Equipment

 

Parkeon, Inc.(1) (12)

  Senior Secured First Lien     E + 525 (19)      5.25     04/2023     1,994     $ 2,144       0.4   $ 1,978  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            1,994       2,144       0.4       1,978  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Total Debt Investments

France

          1,994     $ 2,144       0.4   $ 1,978  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total France             $ 2,144       0.4   $ 1,978  
           

 

 

 

 

 

 

   

 

 

 
United Kingdom  

Debt Investments

 

Commercial & Professional Services

 

Crusoe Bidco Limited(1) (12)

  Unitranche First Lien     L + 625 (20)      6.98     12/2025     £ 6,068       7,409       1.5       6,956  

Crusoe Bidco Limited(1) (3) (4) (12)

  Unitranche First Lien         12/2025                         (37

Crusoe Bidco Limited(1) (3) (4) (12)

  Unitranche First Lien         12/2025                         (40
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            6,068       7,409       1.5       6,879  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Consumer Services

               

Auction Technology Group(1) (12)

  Unitranche First Lien     L + 650 (9)      8.22     02/2027       10,687       10,371       2.2       10,056  

Auction Technology Group(1) (12)

  Unitranche First Lien     L + 650 (21)      7.31     02/2027       3,339       4,230       0.8       3,896  

Auction Technology Group(1) (3) (4) (12)

  Unitranche First Lien         08/2026                         (27
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            14,026       14,601       3.0       13,925  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Total Debt Investments

United Kingdom

          £ 20,094     $ 22,010       4.5   $ 20,804  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total United Kingdom             $ 22,010       4.5   $ 20,804  
           

 

 

 

 

 

 

   

 

 

 
Netherlands  

Debt Investments

 

Pharmaceuticals, Biotechnology & Life Sciences

 

PharComp Parent B.V.(1) (3) (4) (12)

  Unitranche First Lien         02/2026                 (0.1     (188

PharComp Parent B.V.(1) (12) (14)

  Unitranche First Lien - Last Out     E + 650 (19)      6.50     02/2026       6,910       7,632       1.5       6,886  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            6,910       7,632       1.4       6,698  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Debt Investments
Netherlands
          6,910     $ 7,632       1.4   $ 6,698  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Netherlands             $ 7,632       1.4   $ 6,698  
           

 

 

 

 

 

 

   

 

 

 
Belgium                

Debt Investments

 

Commercial & Professional Services

 

MIR Bidco SA(1) (12)

  Unitranche First Lien     E + 600 (22)      6.00     04/2026     9,507       10,460       2.1       9,701  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Debt Investments
Belgium
          9,507     $ 10,460       2.1   $ 9,701  
         

 

 

   

 

 

 

 

 

 

   

 

 

 

Equity Investments

 

Commercial & Professional Services

 

MIR Bidco SA(1) (12) (16)

  Common Stock           921       1              

MIR Bidco SA(1) (12) (16)

  Preferred Stock           81,384       92             87  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
            82,305       93             87  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Equity Investments
Belgium
                82,305     $ 93         $ 87  
         

 

 

   

 

 

 

 

 

 

   

 

 

 
Total Belgium             $ 10,553       2.1   $ 9,788  
           

 

 

 

 

 

 

   

 

 

 
Total Investments             $     970,596       189.6   $     883,216  
           

 

 

 

 

 

 

   

 

 

 

 

See accompanying notes

 

16


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

*

The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”) or EURIBOR (“E”) and which reset monthly, bi-monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at March 31, 2020. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**

Percentage is based on net assets of $465,755 as of March 31, 2020.

All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act of 1940, as amended (“1940 Act”). Non-controlled/non-affiliated investments are investments that are neither controlled investments nor affiliated investments.

All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(1)

The fair value of the investment was determined using significant unobservable inputs. See Note 2 “Summary of Significant Accounting Policies”.

(2)

The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of March 31, 2020 was 0.99%.

(3)

Position or portion thereof is an unfunded loan commitment. A nominal unused fee may be earned on the unfunded portion. See Note 8 “Commitments and Contingencies”.

(4)

The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

(5)

The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate. The 3 month LIBOR as of March 31, 2020 was 1.45%.

(6)

Fixed rate investment.

(7)

The interest rate on these loans is subject to the U.S. Prime rate, which as of March 31, 2020 was 3.25%.

(8)

The interest rate on these loans is subject to the greater of a LIBOR floor or 12 month LIBOR plus a base rate. The 12 month LIBOR as of March 31, 2020 was 1.00%.

(9)

The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate. The 6 month LIBOR as of March 31, 2020 was 1.18%.

(10)

As defined in the 1940 Act, the portfolio company is deemed to be a “non-controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Agreements and Related Party Transactions”.

(11)

The interest rate on these loans is subject to the greater of a LIBOR floor or 2 month LIBOR plus a base rate. The 2 month LIBOR as of March 31, 2020 was 1.26%.

(12)

Investment is not a qualifying investment as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 13.34% as of March 31, 2020.

(13)

The investment is on non-accrual status as of March 31, 2020.

(14)

These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to “first-out” and “last-out” tranches, whereby the “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the “last-out” tranche.

(15)

The interest rate on these loans is subject to the greater of a LIBOR floor or 1 week LIBOR plus a base rate. The 1 week LIBOR as of March 31, 2020 was 0.50%.

(16)

Non-income producing security.

(17)

As defined in the Investment Company Act of 1940, the portfolio company is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Agreements and Related Party Transactions”.

(18)

This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.

(19)

The interest rate on these loans is subject to the greater of a EURIBOR floor or 3 month EURIBOR plus a base rate. The 3 month EURIBOR as of March 31, 2020 was (0.36)%.

(20)

The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 3 month GBP LIBOR plus a base rate. The 3 month GBP LIBOR as of March 31, 2020 was 0.60%.

(21)

The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 6 month GBP LIBOR plus a base rate. The 6 month GBP LIBOR as of March 31, 2020 was 0.73%.

(22)

The interest rate on these loans is subject to the greater of a EURIBOR floor or 6 month EURIBOR plus a base rate. The 6 month EURIBOR as of March 31, 2020 was (0.29)%.

(23)

Investment is not redeemable.

 

See accompanying notes

 

17


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

(in thousands except share and per share data)

 

Foreign Currency Exchange

Contracts

 

Counterparty

   Currency
Purchased
     Currency Sold      Settlement      Unrealized
Appreciation
(Depreciation)
 

Wells Fargo Bank, N.A.

     USD 7,975        GBP 5,885        12/01/2023      $ 628  

Wells Fargo Bank, N.A.

     USD 11,682        EUR 9,222        04/10/2024        1,081  

Wells Fargo Bank, N.A.

     USD 8,603        EUR 6,703        02/20/2024        908  

Wells Fargo Bank, N.A.

     USD 4,317        GBP 3,239        02/13/2025        265  

 

 
            $     2,882  

 

 

 

EUR

Euro

GBP

Great British Pound

PIK

Payment In-Kind

USD

United States Dollar

 

See accompanying notes

 

18


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments

December 31, 2019

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par
Value or
Shares
    Cost   Percentage
of Net
Assets **
  Fair
Value
 

United States

               

Debt Investments

               

Automobiles & Components

               

Auto-Vehicle Parts, LLC(1)

 

Senior Secured First Lien

    L + 450 (2)      6.30     01/2023     $ 4,720     $ 4,674       1.2   $ 4,702  

Auto-Vehicle Parts, LLC(1) (3) (4)

 

Senior Secured First Lien

        01/2023             (5           (2

Continental Battery Company(1) (3)

 

Senior Secured First Lien

    L + 525 (2)      7.05     01/2020       1,689       1,683       0.4       1,689  

Continental Battery Company(1)

 

Senior Secured First Lien

    L + 525 (2)      7.05     12/2022       3,973       3,928       1.0       3,973  

Continental Battery Company(1) (3)

 

Senior Secured First Lien

    L + 525 (2)      7.05     12/2022       680       671       0.2       680  

Continental Battery Company(1)

 

Senior Secured First Lien

    L + 525 (2)      7.05     12/2022       6,645       6,559       1.6       6,645  

Empire Auto Parts, LLC(1)

 

Unitranche First Lien

    L + 550 (5)      7.39     09/2024       2,469       2,429       0.6       2,493  

Empire Auto Parts, LLC(1) (3) (4)

 

Unitranche First Lien

        09/2024             (6           4  

Empire Auto Parts, LLC(1)

 

Unitranche First Lien

    L + 550 (5)      7.39     09/2024       2,394       2,349       0.6       2,418  

POC Investors, LLC(1)

 

Senior Secured First Lien

    L + 550 (5)      7.44     11/2021       9,448       9,371       2.3       9,448  

POC Investors, LLC(1) (3) (4)

 

Senior Secured First Lien

        11/2021             (7            
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 
                32,018           31,646       7.9       32,050  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Capital Goods

               

Alion Science and Technology Corporation

 

Senior Secured First Lien

    L + 450 (2)      6.30     08/2021       2,968       2,968       0.7       2,977  

Alion Science and Technology Corporation(1) (6)

 

Unsecured Debt

      11.00     08/2022       6,543       6,440       1.6       6,543  

Midwest Industrial Rubber(1)

 

Senior Secured First Lien

    L + 550 (2)      7.05     12/2021       7,180       7,123       1.8       7,180  

Midwest Industrial Rubber(1) (3) (4)

 

Senior Secured First Lien

        12/2021             (4            

Potter Electric Signal Company(1) (3)

 

Senior Secured First Lien

    L + 425 (5)      6.13     12/2021       476       453       0.1       468  

Potter Electric Signal Company(1) (3)

 

Senior Secured First Lien

    P + 325 (7)      8.00     12/2024       31       26             28  

Potter Electric Signal Company(1)

 

Senior Secured First Lien

    L + 425 (8)      6.54     12/2025       2,506       2,483       0.6       2,493  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 
            19,704       19,489       4.8           19,689  
         

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

               

ASP MCS Acquisition Corp.

 

Senior Secured First Lien

    L + 475 (5)      6.64     05/2024       5,241       5,223       0.6       2,495  

BFC Solmetex LLC & Bonded Filter Co. LLC(1) (3)

 

Unitranche First Lien

    L + 650 (5)      8.45     09/2023       60       54             60  

BFC Solmetex LLC & Bonded Filter Co. LLC(1)

 

Unitranche First Lien

    L + 650 (5)      8.45     09/2023       750       739       0.2       750  

BFC Solmetex LLC & Bonded Filter Co. LLC(1)

 

Unitranche First Lien

    L + 650 (5)      8.45     09/2023       5,981       5,885       1.5       5,981  

BFC Solmetex LLC & Bonded Filter Co. LLC(1)

 

Unitranche First Lien

    L + 650 (5)      8.45     09/2023       624       614       0.1       624  

BFC Solmetex LLC & Bonded Filter Co. LLC(1) (3) (4)

 

Unitranche First Lien

        09/2023             (6            

CHA Holdings, Inc.(1)

 

Senior Secured First Lien

    L + 450 (5)      6.44     04/2025       4,855       4,835       1.2       4,849  

CHA Holdings, Inc.(1)

 

Senior Secured First Lien

    L + 450 (5)      6.44     04/2025       1,023       1,020       0.2       1,022  

DFS Intermediate Holdings, LLC(1)

 

Senior Secured First Lien

    L + 525 (2)      7.02     03/2022       8,793       8,707       2.2       8,793  

DFS Intermediate Holdings, LLC(1) (3)

 

Senior Secured First Lien

    L + 525 (2)      7.02     03/2022       1,644       1,620       0.4       1,644  

DFS Intermediate Holdings, LLC(1) (3)

 

Senior Secured First Lien

    L + 525 (2)      6.95     03/2022       3,473       3,431       0.8       3,473  

 

See accompanying notes

 

19


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments

December 31, 2019

(in thousands except share and per share data)

 

Company/Security/Country †‡

 

Investment Type

  Spread
Above
Index *
    Interest
Rate
    Maturity /
Dissolution
Date
    Principal
Amount,
Par

Value or
Shares
    Cost   Percentage
of Net
Assets **
  Fair
Value
 

GH Holding Company(1)

 

Senior Secured First Lien

    L + 450 (2)      6.30     02/2023     $ 1,474     $ 1,469       0.3   $ 1,463  

GI Revelation Acquisition LLC

 

Senior Secured First Lien

    L + 500 (2)      6.80     04/2025       7,396       7,366       1.7       6,999  

Hepaco, LLC(1) (3)

 

Senior Secured First Lien

    L + 475 (2)      6.54     08/2023       660       658       0.2       660  

Hepaco, LLC(1)

 

Senior Secured First Lien

    L + 475 (2)      6.55     08/2024       5,151       5,112       1.3       5,151  

Hepaco, LLC(1) (3)

 

Senior Secured First Lien

    L + 475 (2)      6.55     08/2024       3,978       3,945       1.0       3,978  

Jordan Healthcare, Inc.(1)

 

Senior Secured First Lien

    L + 600 (5)      7.94     07/2022       4,021       3,998       1.0       4,036  

Jordan Healthcare, Inc.(1)

 

Senior Secured First Lien

    L + 600 (5)      7.94     07/2022       698       694       0.2       701  

Jordan Healthcare, Inc.(1) (3)

 

Senior Secured First Lien

    L + 600 (5)      7.94     07/2022       294       292       0.1       296  

MHS Acquisition Holdings, LLC(1)

 

Senior Secured Second Lien

    L + 875 (5)      10.69     03/2025       8,102       7,929       1.9       7,818  

MHS Acquisition Holdings, LLC(1)

 

Senior Secured Second Lien

    L + 875 (5)      10.69